EVENING. Business.

PennCorp to buy suburban insurer: PennCorp Financial Group...

November 15, 1996

PennCorp to buy suburban insurer: PennCorp Financial Group Inc. said it will buy Lincolnshire-based insurer Washington National Corp. for $400 million in cash and stock, its eighth acquisition since the company was founded six years ago. PennCorp, a New York-based life and health insurer, will pay $29.50 for each share of Washington National in cash, stock or a mixture of the two, with a total limit of $73 million paid in cash.